Revenues from North America at Rs. 7.9 billion in Q1 FY13 grew by 27% in USD terms, over previous year.

Growth was largely driven by new product launches of clopidogrel, OTC lansoprazole and was further supported by key products of ziprasidone, fondaparinux, quetiapine, etc, marginally offset by regular year-on-year price declines in existing product basket.

5 new products were launched during the quarter including clopidogrel 300 Mg which was launched under 180-day exclusivity.

29 products of prescription portfolio feature among the Top 3 ranks in market shares (Source: IMS Health Volumes April 2012).

During the quarter, 4 ANDAs were filed. Cumulatively 73 ANDAs are pending for approval with the USFDA of which 36 are Para IVs and 6 are with FTF status.

Revenues in Russia and Other CIS markets at Rs. 4.2 billion in Q1 FY13 represented year-on-year growth of 38%.
Revenues in Russia at Rs. 3.5 billion in Q1 FY13 was the highest ever from this market and represented year-on-year growth of 30% in Rouble terms.

Growth was driven by new product launches, volume increase across key brands and OTC portfolio.

Revenues in Other CIS markets at Rs. 0.65 billion in Q1 FY13 grew by 22% over previous year.

Revenues in India at Rs. 3.5 billion in Q1 FY13 grew by 19% over previous year.

Growth driven by volume increase across most of our key brands.

Biosimilars portfolio grew by 15% over previous year.

10 new brands were launched during the quarter.

Revenues from Europe at Rs. 2.2 billion in Q1 FY13 grew by 14% over previous year.

Revenues from Germany at Rs. 1.5 billion in Q1 FY13 grew by 17% in Euro terms over previous year. This growth was largely due to the products supplied under the AOK tender won last year.

Pharmaceutical Services and Active Ingredients (PSAI)

Revenues from PSAI are at Rs. 5.5 billion in Q1 FY 13, year-on-year growth of 14%.

During the quarter, 7 DMFs were filed globally, with 1 each in the US and Europe. The cumulative DMF filings as of 30th June 2012 are 550.

Income Statement Highlights:

Gross profit margin at 53% in Q1 FY13 remained flat versus Q1 FY12. Gross profit margin for Global Generics and PSAI business segments were at 59% and 31% respectively.

Selling, General and Administration (SG&A) expenses including amortization at Rs. 8.3 billion increased by 23% over previous year. This increase is on account of year-on-year salary increments, higher sales & marketing costs and the effect of rupee depreciation against multiple currencies.

Research & development expenses for Q1 FY13 at Rs. 1.6 billion is at 6% to sales.

Net Finance expense was at Rs. 212 million in Q1 FY13 versus Rs. 46 million in Q1 FY12. The change is on account of :

Net forex loss of Rs. 209 million in Q1 FY13 versus net forex gain of Rs. 158 million in Q1 FY12. Q1 FY13 includes a charge of Rs. 297 million due to time value of options. Adjusting the impact of this charge, net forex gain on P&L is at Rs. 88 million in Q1 FY13.

Net interest expense of Rs. 44 million in Q1 FY13 versus Rs. 221 million in Q1 FY12. This decrease in expense is largely on account of higher interest income from FD & mutual fund.

Profit on sale of investments of Rs. 41 million in Q1 FY13 versus Rs. 17 million in Q1 FY12.

EBITDA of Rs. 5.1 billion in Q1 FY13, 20% of revenues and recorded year-on-year growth of 21%.

Profit after Tax in Q1 FY13 at Rs. 3.4 billion recorded year-on-year growth of 28%.

This press release includes forward-looking statements, as defined in the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such factors include, but are not limited to, changes in local and global economic conditions, our ability to successfully implement our strategy, the market acceptance of and demand for our products, our growth and expansion, technological change and our exposure to market risks. By their nature, these expectations and projections are only estimates and could be materially different from actual results in the future.

Note: All discussions in this release are based on unaudited consolidated IFRS financials.